Excerpt from our non-proprietary historical coverage
September 19, 2025

Nordic Capital-backed NOBA publishes prospectus and prices IPO at SEK 70, valuing the specialist bank at SEK 35bn ahead of Stockholm listing in late September

Press Release
NOBA Bank Group, a Nordic specialist bank offering private loans, mortgages, credit cards and deposits through its Nordax Bank, Bank Norwegian and Svensk Hypotekspension brands, has published its prospectus for its upcoming IPO on Nasdaq Stockholm. The price has been set at SEK 70 per share, valuing the company at SEK 35bn. The offering consists of 108.7 million existing shares (21.7% of the company) sold primarily by Nordic Capital-controlled entities and Sampo (publ.), with an over-allotment option of 16.3m shares that could raise the total to 25% of the company and up to SEK 8.75bn in proceeds. Cornerstone investors OP Cooperative, DNB Asset Management and Handelsbanken Fonder have committed to subscribe for SEK 3.175bn (36.3% of the offering). NOBA, with a loan book of SEK 128bn and over 2 million customers, has invested heavily in a unified digital platform and grown both organically and through acquisitions, including Bank Norwegian. The IPO is expected to commence trading on 26
Transaction announcement
Opportunity originally surfaced by NKP | M&A Insights as:
August 22, 2024

News media confirms NKP’s coverage of the potential IPO for Nordic Capital’s NOBA Bank Group (Bloomberg/NKP Proprietary)

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Source: NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)
August 16, 2024

Nordic Capital has recently appointed Goldman Sachs, JP Morgan, and Carnegie to prepare an IPO of digital consumer bank NOBA Bank Group acc. to sources - LTM operating profit of SEK 1,611m as of March 2024 (NKP Proprietary)

[log in to app.mainsights.io to read the full analysis as it was originally presented]
Source: NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)
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